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2021-08-14

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Palantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote>

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I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth and&nbsp;increased cash flow outlook.<blockquote>您可能已经听说过 Palantir (PLTR) 刚刚公布 2021 年第二季度业绩强劲的消息。我确信会有大量的实证结果报道，包括巨大的增长和现金流前景的增加。</blockquote> Here, I'll just highlight those numbers then I'll turn to a few things that came up directly on the earnings call that surprised me.<blockquote>在这里，我将只强调这些数字，然后我将转向一些直接出现在收益看涨期权上的事情，这让我感到惊讶。</blockquote> First, revenue was up 49%, beating the estimates. it's notable that commercial revenue was up an eye-popping 90%, because it's an area that bears have complained about. This mostly squashes the idea that PLTR is only driven by secret government contracts.<blockquote>首先，收入增长 49%，超出预期。值得注意的是，商业收入增长了 90%，令人瞠目结舌，因为这是空头抱怨的一个领域。这在很大程度上消除了PLTR仅由秘密政府合同驱动的想法。</blockquote> Second, PLTR closed a ton of deals in Q2. Specifically, they scored 62 deals worth $1 million or more. I like this view:<blockquote>其次，PLTR 在第二季度完成了大量交易。具体来说，他们达成了62笔价值100万美元或以上的交易。我喜欢这个观点：</blockquote> <img src=\"https://static.tigerbbs.com/37ecc00151018d803161b75c01bb4571\" tg-width=\"640\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Source:Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021 年第二季度业务更新</blockquote> Of course, the YoY remaining deal value is interesting but I like the blunt look into the deal size, with&nbsp;30 deals over $5 million and 21 deals over $10 million, because it indicates an ever-spreading reach of customers. That's exactly what's required to drive long-term revenue growth, but also stability.<blockquote>当然，同比剩余交易价值很有趣，但我喜欢直截了当地看待交易规模，30 笔交易超过 500 万美元，21 笔交易超过 1000 万美元，因为它表明客户的范围不断扩大。这正是推动长期收入增长和稳定性所需要的。</blockquote> Third, it's looking like Q3 is going to work out fairly well. Sales are projected to be about $5 million great than consensus. And, as I've already mentioned, PLTR raised its free cash flow outlook. To be clear, the jump is rather big, going from greater than $150 million to now greater than $300 million.<blockquote>第三，第三季度看起来会相当不错。预计销售额将比市场预期高出约 500 万美元。而且，正如我已经提到的，PLTR 上调了自由现金流前景。需要明确的是，这一跃升相当大，从超过 1.5 亿美元增加到现在的超过 3 亿美元。</blockquote> I didn't see or hear much about changes in annual revenue growth, but one thing is crystal clear -I do not expect growth to slow down. And, per the presentation and earnings call, growth is expected at 30% or more this year, and then through 2025.<blockquote>我没有看到或听到太多关于年收入增长的变化，但有一点非常清楚——我预计增长不会放缓根据演示文稿和盈利看涨期权，预计今年乃至 2025 年的增长率将达到 30% 或更高。</blockquote> Interestingly, revenue grew by 49% in Q1 YoY, generating $341 between government and commercial. And now, in Q2, revenue grew by 49% YoY to $376 million. That's two quarters in a row at 49%. It's for this reason that I stick by&nbsp;what I previously wrote about PLTR sandbagging:<blockquote>有趣的是，第一季度收入同比增长 49%，政府和商业收入为 341 美元。现在，第二季度收入同比增长 49%，达到 3.76 亿美元。这是连续两个季度的 49%。正是因为这个原因，我坚持我之前写的关于PLTR沙袋的内容：</blockquote> In other words, when we start with $800 million for 2021, it's pretty obvious that the 30% growth doesn't cut it. We cannot reach $4 billion by 2025 with \"only\" 30% growth. PLTR is perhapss&nbsp;andbagging&nbsp;to keep expectations lower. It's hard to know for sure. It could also be that they expect faster growth in 2022 through 2025. I'll have to dive in deeper in a future article to see exactly how current and future growth projections line up against the hard numbers that have come in. For now, my point is simply that they've set the bar at a reasonable albeit conservative level and seeing beats like this is not too shocking, but also encouraging.They're managing Wall Street and the analysts fairly well.<blockquote>换句话说，当我们从2021年的8亿美元开始时，很明显30%的增长不会削减它。到 2025 年，我们“仅”增长 30%，就无法达到 40 亿美元。PLTR 可能是为了降低预期。很难确定。他们也可能预计 2022 年至 2025 年将实现更快的增长。我将不得不在未来的文章中更深入地了解当前和未来的增长预测如何与已经到来的硬数据相一致。现在，我的观点很简单，他们已经把标准设定在了一个合理的保守水平，看到这样的节拍不会太令人震惊，但也令人鼓舞。他们对华尔街和分析师的管理相当好。</blockquote> Fourth, in addition to new customer acquisition, the revenue dollar value for PLTR's top 20 customers continues to march upward.<blockquote>第四，除了新客户的获取，PLTR前20名客户的收入美元价值继续上升。</blockquote> <img src=\"https://static.tigerbbs.com/6fba540de7f84e50e602dc943d5e985f\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021 年第二季度业务更新</blockquote> If it's not completely obvious, this is worth watching since it gives us some confidence thatcustomers are happy and they are sticking. It's not a perfect indicator, but it's still pretty good since unhappy customers aren't going to keep paying PLTR, over and over. Other companies have a tendency to either focus too much on milking current \"cash cow\" customers or getting hyper aggressive about new customers. In the Q2 2021 update, we're seeing a great flow of new customers and then this indicator of growing long-term customer value. It's a delicate but critical balance. I'll continue to watch this in Q3.<blockquote>如果不是很明显，这是值得一看的，因为它给了我们一些信心顾客很满意，他们会坚持.这不是一个完美的指标，但它仍然相当不错，因为不满意的客户不会一遍又一遍地向 PLTR 付款。其他公司往往要么过于关注现有的“摇钱树”客户，要么对新客户过于咄咄逼人。在2021年第二季度的更新中，我们看到了大量的新客户，然后是长期客户价值增长的指标。这是一个微妙但至关重要的平衡。我会在第三季度继续关注这个。</blockquote> Fifth,in Q1, we heard about \"Day Zero\" customers. Here's a taste:<blockquote>第五，在Q1，我们听说了“零日”客户。这里有一个味道：</blockquote> We are seeing opportunities for companies to build their digital infrastructure around foundry from day zero, where they can shave years off their ramps and mountains of risk off their roadmaps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&amp;D. And we see this as the first salvo in expanding distribution of foundry to broader markets and a broader set of customers. In Q2, PLTR leadership continued to push this theme, highlighting Roivant, Celularity and Wejo, for example. The idea is to get these companies using Foundry while they are just getting started, or otherwise very small. They're treating Foundry as the \"operating system\" of these businesses.<blockquote>我们看到了企业从一开始就围绕foundry构建数字基础设施的机会，他们可以通过承担15年和超过20亿美元的R&amp;D成本来节省数年的坡道和路线图上的堆积如山的风险。我们认为这是将 foundry 分销扩展到更广泛的市场和更广泛的客户群体的第一次突破。在第二季度，PLTR领导层继续推动这一主题，重点介绍了Roivant、Celularity和Wejo等。这个想法是让这些公司在刚刚起步或规模很小的时候就使用Foundry。他们将铸造厂视为这些企业的“操作系统”。</blockquote> Supporting this thrust,PLTR added another 60 sales hires. If I recall correctly, they hired about 50 sales people in Q1, so they are steadily adding headcount in sales and marketing, without going gangbusters. That said, their pipeline is accelerating, with active commercial pilots up 26% since the end of April.<blockquote>支撑这个推力，PLTR 又增加了 60 名销售人员.如果我没记错的话，他们在第一季度雇佣了大约 50 名销售人员，因此他们正在稳步增加销售和市场营销人员，而没有大张旗鼓。也就是说，他们的管道正在加速发展，自 4 月底以来，活跃的商业试点数量增加了 26%。</blockquote> Sixth, I heard leadership quickly say that they have paid off what they owed, and thatPLTR is now debt free. In a future article, I'll have to do a deeper dive, but I wanted to report it here since I have an affinity for extremely strong balance sheets. It's possible I didn't understand the comment on the call, but I'm pretty sure that I've got it right. I reviewed the Q2 2021 business presentation but didn't see any notes on this so I'll have to revisit this at a later point. But again, I think I've got it right, and it's great news.<blockquote>第六，我听到领导很快说，他们已经还清了所欠的钱，而且PLTR 现已无债务.在以后的文章中，我将不得不进行更深入的探讨，但我想在这里报告它，因为我对极其强劲的资产负债表情有独钟。我可能不明白看涨期权上的评论，但我很确定我是对的。我查看了2021年第二季度的业务演示，但没有看到任何关于这一点的注释，所以我将不得不在以后重新审视这一点。但话说回来，我想我猜对了，这是个好消息。</blockquote> Lastly, there was a question about Alex Karp's executive compensation, and specifically about the relentless insider selling. Before I get to that, here's some quick background&nbsp;reported by CNBC back in April 2021:<blockquote>最后，还有一个关于亚历克斯·卡普高管薪酬的问题，特别是关于无情的内幕交易。在我开始之前，以下是 CNBC 在 2021 年 4 月报道的一些背景信息：</blockquote> Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public.In a proxy filing on Thursday, Palantir said the bulk of Karp’s pay was tied to options worth $797.9 million, with another $296.4 million for stock awards. The outsized package is the result of an equity incentive plan agreed upon last year, giving Karp 141 million options that begin vesting in August 2021. Each quarter, 2.5 percent of the equity will vest. Now, here's just a quick peek about what that selling looks like:<blockquote>Palantir 首席执行官 Alex Karp 在 2020 年获得了价值约 11 亿美元的薪酬，主要是通过其软件公司上市前不久授予的股权奖励。在周四提交的一份代理文件中，Palantir 称卡普的大部分薪酬与价值 7.979 亿美元的期权挂钩，另有 2.964 亿美元用于股票奖励。这一庞大的一揽子计划是去年达成的股权激励计划的结果，该计划赋予卡普 1.41 亿份期权，将于 2021 年 8 月开始归属。每个季度，2.5%的股权将归属。现在，让我们快速了解一下销售情况：</blockquote> <img src=\"https://static.tigerbbs.com/e9b2c725b59681121eec807c4650b5ad\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\">Source:Nasdaq<blockquote>资料来源：纳斯达克</blockquote> Obviously, the action here is pretty intense and it's why it was brought up for consideration. Now, for the sake of simplicity, I'm going to paraphrase the scripted response that was read out loud. In short, Alex Karp has a huge number of options. These options are \"old\" and apparently must be exercised now; I believe before the end of 2021. Furthermore, the selling is automatic, which seems to line up pretty well with the data I've captured above. In other words,Karp's selling isn't because he's lost faith in the company.<blockquote>显然，这里的行动非常激烈，这就是为什么它被提出来考虑。现在，为了简单起见，我将解释大声朗读的脚本响应。简而言之，亚历克斯·卡普有大量的选择。这些选项是“旧的”，显然现在必须行使；我相信在2021年底之前。此外，销售是自动的，这似乎与我上面捕获的数据非常吻合。换句话说，卡普的出售并不是因为他对公司失去了信心.</blockquote> Karp's salary is just over $1 million, which isn't too bad, but it's also not crazy. Clearly, PLTR stock and options are fueling his incredible compensation package. This is a bit frustrating to track, however, when the options vest, get exercised and then sold there are also tremendous taxes to pay. So, in part, Karp is necessarily working through the process of exercising long-term options, while handling tax obligations on a rational schedule.<blockquote>卡普的薪水刚刚超过100万美元，这还不算太差，但也不疯狂。显然，PLTR 股票和期权正在推动他令人难以置信的薪酬方案。这有点令人沮丧，然而，当期权归属、行权然后出售时，还要缴纳巨额税款。因此，在某种程度上，卡普必须通过行使长期选择权的过程，同时按照合理的时间表处理纳税义务。</blockquote> Again, all of this is to say two things. Karp's made a ton of money but at the same time, he hasn't given up on PLTR. His selling doesn't say anything substantial about PLTR's future, in my opinion. It's his own mind-boggling personal finance process, that's on display in public as the CEO of PLTR.<blockquote>再说一次，所有这些都是为了说明两件事。卡普赚了很多钱，但与此同时，他并没有放弃PLTR。在我看来，他的出售并没有说明 PLTR 的未来有任何实质性的意义。这是他自己令人难以置信的个人理财流程，作为 PLTR 首席执行官公开展示。</blockquote> Summarizing everything, PLTR had a strong quarter in Q3 2021 looks like it should be strong as well:<blockquote>总而言之，PLTR 在 2021 年第三季度表现强劲，看起来也应该强劲：</blockquote> <img src=\"https://static.tigerbbs.com/7e76043e7ef8c08556e6972aa0b37d66\" tg-width=\"640\" tg-height=\"286\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021 年第二季度业务更新</blockquote> And, very quickly,per my previous article:<blockquote>很快，根据我之前的文章：</blockquote> I'll be looking for a deceleration in stock-based compensation expenses. I'll be looking for strong growth in both government and commercial. I'll be looking at Q2 growth, given the high bar set with&nbsp;49% growth in Q1 2021. I'll be looking at total remaining deal value, which was about $2.8 billion at the end of Q1 (and up 40% YoY). I am expecting contribution margin to remain high, and hopefully over 60% in Q2. <ul> <li>Stock based compensation increased. I'll have to review this more closely in a future article. It's still a major thorn in my side. Virtually every chart has this phrase in the footnotes:\"...excludes stock-based compensation and related employer payroll taxes.\"It's my #1 issue with PLTR.</li> <li>Q2 growth was excellent, as I've pointed out. Both government and commercial did well. And, long-term customers keep sticking and spending, more and more. I like what I'm seeing in terms of growth.</li> <li>Deal value increased 63% to $3.4 billion. So, they did very well in that department. That gives us a glimpse into future sales and related growth.</li> <li>Lastly, contribution margin didn't hit my big goal of 60%, but it still improved strongly to 58% in Q2 2021 from 55% in Q2 2020.</li> </ul><blockquote>我将寻求股票薪酬支出的减速。我将寻求政府和商业的强劲增长。鉴于 2021 年第一季度 49% 的高增长率，我将关注第二季度的增长。我将查看剩余交易总价值，第一季度末约为 28 亿美元（同比增长 40%）。我预计第二季度的贡献率将保持较高水平，并希望超过 60%。<ul><li>股票薪酬增加。我将在以后的文章中更详细地回顾这一点。这仍然是我的眼中钉。几乎每个图表的脚注中都有这句话：“……不包括基于股票的薪酬和相关的雇主工资税。”这是我对PLTR的第一个问题。</li><li>正如我所指出的，第二季度的增长非常出色。政府和商业都做得很好。而且，长期客户继续留下来消费，越来越多。我喜欢我所看到的增长。</li><li>交易价值增长 63%，达到 34 亿美元。所以，他们在那个部门做得很好。这让我们得以一窥未来的销售和相关增长。</li><li>最后，贡献率没有达到我 60% 的大目标，但仍从 2020 年第二季度的 55% 强劲提高到 2021 年第二季度的 58%。</li></ul></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: 7 Interesting Things From The Q2 2021 Earnings Call<blockquote>Palantir：2021年第二季度收益看涨期权中的7件有趣的事情</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-08-14 07:42\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>First, I briefly review the big news and highlights from PLTR's Q2 2021 business update.</li> <li>Second, I cover some of the details that are less well-known, including comments made by leadership on the earnings call.</li> <li>Third, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared.</li> <li>Lastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.</li> </ul> <img src=\"https://static.tigerbbs.com/028b3e3b1d2c99f3ee26f213c2fc069f\" tg-width=\"768\" tg-height=\"432\" referrerpolicy=\"no-referrer\">zirconicusso/iStock via Getty Images<blockquote><ul><li>首先，我简要回顾一下 PLTR 2021 年第二季度业务更新中的重大新闻和亮点。</li><li>其次，我涵盖了一些不太为人所知的细节，包括领导层对盈利看涨期权的评论。</li><li>第三，深入探讨亚历克斯·卡普薪酬的一些重要细节，包括他的内幕交易活动；领导层已经准备好了应对措施。</li><li>最后，我查看了我关注的几个指标，包括股票薪酬、贡献利润率和交易价值。</li></ul>zirconicusso/iStock via Getty Images</blockquote> It's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth and&nbsp;increased cash flow outlook.<blockquote>您可能已经听说过 Palantir (PLTR) 刚刚公布 2021 年第二季度业绩强劲的消息。我确信会有大量的实证结果报道，包括巨大的增长和现金流前景的增加。</blockquote> Here, I'll just highlight those numbers then I'll turn to a few things that came up directly on the earnings call that surprised me.<blockquote>在这里，我将只强调这些数字，然后我将转向一些直接出现在收益看涨期权上的事情，这让我感到惊讶。</blockquote> First, revenue was up 49%, beating the estimates. it's notable that commercial revenue was up an eye-popping 90%, because it's an area that bears have complained about. This mostly squashes the idea that PLTR is only driven by secret government contracts.<blockquote>首先，收入增长 49%，超出预期。值得注意的是，商业收入增长了 90%，令人瞠目结舌，因为这是空头抱怨的一个领域。这在很大程度上消除了PLTR仅由秘密政府合同驱动的想法。</blockquote> Second, PLTR closed a ton of deals in Q2. Specifically, they scored 62 deals worth $1 million or more. I like this view:<blockquote>其次，PLTR 在第二季度完成了大量交易。具体来说，他们达成了62笔价值100万美元或以上的交易。我喜欢这个观点：</blockquote> <img src=\"https://static.tigerbbs.com/37ecc00151018d803161b75c01bb4571\" tg-width=\"640\" tg-height=\"320\" referrerpolicy=\"no-referrer\">Source:Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021 年第二季度业务更新</blockquote> Of course, the YoY remaining deal value is interesting but I like the blunt look into the deal size, with&nbsp;30 deals over $5 million and 21 deals over $10 million, because it indicates an ever-spreading reach of customers. That's exactly what's required to drive long-term revenue growth, but also stability.<blockquote>当然，同比剩余交易价值很有趣，但我喜欢直截了当地看待交易规模，30 笔交易超过 500 万美元，21 笔交易超过 1000 万美元，因为它表明客户的范围不断扩大。这正是推动长期收入增长和稳定性所需要的。</blockquote> Third, it's looking like Q3 is going to work out fairly well. Sales are projected to be about $5 million great than consensus. And, as I've already mentioned, PLTR raised its free cash flow outlook. To be clear, the jump is rather big, going from greater than $150 million to now greater than $300 million.<blockquote>第三，第三季度看起来会相当不错。预计销售额将比市场预期高出约 500 万美元。而且，正如我已经提到的，PLTR 上调了自由现金流前景。需要明确的是，这一跃升相当大，从超过 1.5 亿美元增加到现在的超过 3 亿美元。</blockquote> I didn't see or hear much about changes in annual revenue growth, but one thing is crystal clear -I do not expect growth to slow down. And, per the presentation and earnings call, growth is expected at 30% or more this year, and then through 2025.<blockquote>我没有看到或听到太多关于年收入增长的变化，但有一点非常清楚——我预计增长不会放缓根据演示文稿和盈利看涨期权，预计今年乃至 2025 年的增长率将达到 30% 或更高。</blockquote> Interestingly, revenue grew by 49% in Q1 YoY, generating $341 between government and commercial. And now, in Q2, revenue grew by 49% YoY to $376 million. That's two quarters in a row at 49%. It's for this reason that I stick by&nbsp;what I previously wrote about PLTR sandbagging:<blockquote>有趣的是，第一季度收入同比增长 49%，政府和商业收入为 341 美元。现在，第二季度收入同比增长 49%，达到 3.76 亿美元。这是连续两个季度的 49%。正是因为这个原因，我坚持我之前写的关于PLTR沙袋的内容：</blockquote> In other words, when we start with $800 million for 2021, it's pretty obvious that the 30% growth doesn't cut it. We cannot reach $4 billion by 2025 with \"only\" 30% growth. PLTR is perhapss&nbsp;andbagging&nbsp;to keep expectations lower. It's hard to know for sure. It could also be that they expect faster growth in 2022 through 2025. I'll have to dive in deeper in a future article to see exactly how current and future growth projections line up against the hard numbers that have come in. For now, my point is simply that they've set the bar at a reasonable albeit conservative level and seeing beats like this is not too shocking, but also encouraging.They're managing Wall Street and the analysts fairly well.<blockquote>换句话说，当我们从2021年的8亿美元开始时，很明显30%的增长不会削减它。到 2025 年，我们“仅”增长 30%，就无法达到 40 亿美元。PLTR 可能是为了降低预期。很难确定。他们也可能预计 2022 年至 2025 年将实现更快的增长。我将不得不在未来的文章中更深入地了解当前和未来的增长预测如何与已经到来的硬数据相一致。现在，我的观点很简单，他们已经把标准设定在了一个合理的保守水平，看到这样的节拍不会太令人震惊，但也令人鼓舞。他们对华尔街和分析师的管理相当好。</blockquote> Fourth, in addition to new customer acquisition, the revenue dollar value for PLTR's top 20 customers continues to march upward.<blockquote>第四，除了新客户的获取，PLTR前20名客户的收入美元价值继续上升。</blockquote> <img src=\"https://static.tigerbbs.com/6fba540de7f84e50e602dc943d5e985f\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021 年第二季度业务更新</blockquote> If it's not completely obvious, this is worth watching since it gives us some confidence thatcustomers are happy and they are sticking. It's not a perfect indicator, but it's still pretty good since unhappy customers aren't going to keep paying PLTR, over and over. Other companies have a tendency to either focus too much on milking current \"cash cow\" customers or getting hyper aggressive about new customers. In the Q2 2021 update, we're seeing a great flow of new customers and then this indicator of growing long-term customer value. It's a delicate but critical balance. I'll continue to watch this in Q3.<blockquote>如果不是很明显，这是值得一看的，因为它给了我们一些信心顾客很满意，他们会坚持.这不是一个完美的指标，但它仍然相当不错，因为不满意的客户不会一遍又一遍地向 PLTR 付款。其他公司往往要么过于关注现有的“摇钱树”客户，要么对新客户过于咄咄逼人。在2021年第二季度的更新中，我们看到了大量的新客户，然后是长期客户价值增长的指标。这是一个微妙但至关重要的平衡。我会在第三季度继续关注这个。</blockquote> Fifth,in Q1, we heard about \"Day Zero\" customers. Here's a taste:<blockquote>第五，在Q1，我们听说了“零日”客户。这里有一个味道：</blockquote> We are seeing opportunities for companies to build their digital infrastructure around foundry from day zero, where they can shave years off their ramps and mountains of risk off their roadmaps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&amp;D. And we see this as the first salvo in expanding distribution of foundry to broader markets and a broader set of customers. In Q2, PLTR leadership continued to push this theme, highlighting Roivant, Celularity and Wejo, for example. The idea is to get these companies using Foundry while they are just getting started, or otherwise very small. They're treating Foundry as the \"operating system\" of these businesses.<blockquote>我们看到了企业从一开始就围绕foundry构建数字基础设施的机会，他们可以通过承担15年和超过20亿美元的R&amp;D成本来节省数年的坡道和路线图上的堆积如山的风险。我们认为这是将 foundry 分销扩展到更广泛的市场和更广泛的客户群体的第一次突破。在第二季度，PLTR领导层继续推动这一主题，重点介绍了Roivant、Celularity和Wejo等。这个想法是让这些公司在刚刚起步或规模很小的时候就使用Foundry。他们将铸造厂视为这些企业的“操作系统”。</blockquote> Supporting this thrust,PLTR added another 60 sales hires. If I recall correctly, they hired about 50 sales people in Q1, so they are steadily adding headcount in sales and marketing, without going gangbusters. That said, their pipeline is accelerating, with active commercial pilots up 26% since the end of April.<blockquote>支撑这个推力，PLTR 又增加了 60 名销售人员.如果我没记错的话，他们在第一季度雇佣了大约 50 名销售人员，因此他们正在稳步增加销售和市场营销人员，而没有大张旗鼓。也就是说，他们的管道正在加速发展，自 4 月底以来，活跃的商业试点数量增加了 26%。</blockquote> Sixth, I heard leadership quickly say that they have paid off what they owed, and thatPLTR is now debt free. In a future article, I'll have to do a deeper dive, but I wanted to report it here since I have an affinity for extremely strong balance sheets. It's possible I didn't understand the comment on the call, but I'm pretty sure that I've got it right. I reviewed the Q2 2021 business presentation but didn't see any notes on this so I'll have to revisit this at a later point. But again, I think I've got it right, and it's great news.<blockquote>第六，我听到领导很快说，他们已经还清了所欠的钱，而且PLTR 现已无债务.在以后的文章中，我将不得不进行更深入的探讨，但我想在这里报告它，因为我对极其强劲的资产负债表情有独钟。我可能不明白看涨期权上的评论，但我很确定我是对的。我查看了2021年第二季度的业务演示，但没有看到任何关于这一点的注释，所以我将不得不在以后重新审视这一点。但话说回来，我想我猜对了，这是个好消息。</blockquote> Lastly, there was a question about Alex Karp's executive compensation, and specifically about the relentless insider selling. Before I get to that, here's some quick background&nbsp;reported by CNBC back in April 2021:<blockquote>最后，还有一个关于亚历克斯·卡普高管薪酬的问题，特别是关于无情的内幕交易。在我开始之前，以下是 CNBC 在 2021 年 4 月报道的一些背景信息：</blockquote> Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public.In a proxy filing on Thursday, Palantir said the bulk of Karp’s pay was tied to options worth $797.9 million, with another $296.4 million for stock awards. The outsized package is the result of an equity incentive plan agreed upon last year, giving Karp 141 million options that begin vesting in August 2021. Each quarter, 2.5 percent of the equity will vest. Now, here's just a quick peek about what that selling looks like:<blockquote>Palantir 首席执行官 Alex Karp 在 2020 年获得了价值约 11 亿美元的薪酬，主要是通过其软件公司上市前不久授予的股权奖励。在周四提交的一份代理文件中，Palantir 称卡普的大部分薪酬与价值 7.979 亿美元的期权挂钩，另有 2.964 亿美元用于股票奖励。这一庞大的一揽子计划是去年达成的股权激励计划的结果，该计划赋予卡普 1.41 亿份期权，将于 2021 年 8 月开始归属。每个季度，2.5%的股权将归属。现在，让我们快速了解一下销售情况：</blockquote> <img src=\"https://static.tigerbbs.com/e9b2c725b59681121eec807c4650b5ad\" tg-width=\"640\" tg-height=\"295\" referrerpolicy=\"no-referrer\">Source:Nasdaq<blockquote>资料来源：纳斯达克</blockquote> Obviously, the action here is pretty intense and it's why it was brought up for consideration. Now, for the sake of simplicity, I'm going to paraphrase the scripted response that was read out loud. In short, Alex Karp has a huge number of options. These options are \"old\" and apparently must be exercised now; I believe before the end of 2021. Furthermore, the selling is automatic, which seems to line up pretty well with the data I've captured above. In other words,Karp's selling isn't because he's lost faith in the company.<blockquote>显然，这里的行动非常激烈，这就是为什么它被提出来考虑。现在，为了简单起见，我将解释大声朗读的脚本响应。简而言之，亚历克斯·卡普有大量的选择。这些选项是“旧的”，显然现在必须行使；我相信在2021年底之前。此外，销售是自动的，这似乎与我上面捕获的数据非常吻合。换句话说，卡普的出售并不是因为他对公司失去了信心.</blockquote> Karp's salary is just over $1 million, which isn't too bad, but it's also not crazy. Clearly, PLTR stock and options are fueling his incredible compensation package. This is a bit frustrating to track, however, when the options vest, get exercised and then sold there are also tremendous taxes to pay. So, in part, Karp is necessarily working through the process of exercising long-term options, while handling tax obligations on a rational schedule.<blockquote>卡普的薪水刚刚超过100万美元，这还不算太差，但也不疯狂。显然，PLTR 股票和期权正在推动他令人难以置信的薪酬方案。这有点令人沮丧，然而，当期权归属、行权然后出售时，还要缴纳巨额税款。因此，在某种程度上，卡普必须通过行使长期选择权的过程，同时按照合理的时间表处理纳税义务。</blockquote> Again, all of this is to say two things. Karp's made a ton of money but at the same time, he hasn't given up on PLTR. His selling doesn't say anything substantial about PLTR's future, in my opinion. It's his own mind-boggling personal finance process, that's on display in public as the CEO of PLTR.<blockquote>再说一次，所有这些都是为了说明两件事。卡普赚了很多钱，但与此同时，他并没有放弃PLTR。在我看来，他的出售并没有说明 PLTR 的未来有任何实质性的意义。这是他自己令人难以置信的个人理财流程，作为 PLTR 首席执行官公开展示。</blockquote> Summarizing everything, PLTR had a strong quarter in Q3 2021 looks like it should be strong as well:<blockquote>总而言之，PLTR 在 2021 年第三季度表现强劲，看起来也应该强劲：</blockquote> <img src=\"https://static.tigerbbs.com/7e76043e7ef8c08556e6972aa0b37d66\" tg-width=\"640\" tg-height=\"286\" referrerpolicy=\"no-referrer\">Source: Palantir Q2 2021 Business Update<blockquote>资料来源：Palantir 2021 年第二季度业务更新</blockquote> And, very quickly,per my previous article:<blockquote>很快，根据我之前的文章：</blockquote> I'll be looking for a deceleration in stock-based compensation expenses. I'll be looking for strong growth in both government and commercial. I'll be looking at Q2 growth, given the high bar set with&nbsp;49% growth in Q1 2021. I'll be looking at total remaining deal value, which was about $2.8 billion at the end of Q1 (and up 40% YoY). I am expecting contribution margin to remain high, and hopefully over 60% in Q2. <ul> <li>Stock based compensation increased. I'll have to review this more closely in a future article. It's still a major thorn in my side. Virtually every chart has this phrase in the footnotes:\"...excludes stock-based compensation and related employer payroll taxes.\"It's my #1 issue with PLTR.</li> <li>Q2 growth was excellent, as I've pointed out. Both government and commercial did well. And, long-term customers keep sticking and spending, more and more. I like what I'm seeing in terms of growth.</li> <li>Deal value increased 63% to $3.4 billion. So, they did very well in that department. That gives us a glimpse into future sales and related growth.</li> <li>Lastly, contribution margin didn't hit my big goal of 60%, but it still improved strongly to 58% in Q2 2021 from 55% in Q2 2020.</li> </ul><blockquote>我将寻求股票薪酬支出的减速。我将寻求政府和商业的强劲增长。鉴于 2021 年第一季度 49% 的高增长率，我将关注第二季度的增长。我将查看剩余交易总价值，第一季度末约为 28 亿美元（同比增长 40%）。我预计第二季度的贡献率将保持较高水平，并希望超过 60%。<ul><li>股票薪酬增加。我将在以后的文章中更详细地回顾这一点。这仍然是我的眼中钉。几乎每个图表的脚注中都有这句话：“……不包括基于股票的薪酬和相关的雇主工资税。”这是我对PLTR的第一个问题。</li><li>正如我所指出的，第二季度的增长非常出色。政府和商业都做得很好。而且，长期客户继续留下来消费，越来越多。我喜欢我所看到的增长。</li><li>交易价值增长 63%，达到 34 亿美元。所以，他们在那个部门做得很好。这让我们得以一窥未来的销售和相关增长。</li><li>最后，贡献率没有达到我 60% 的大目标，但仍从 2020 年第二季度的 55% 强劲提高到 2021 年第二季度的 58%。</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4448920-palantir-seven-interesting-things-from-q2-2021-earnings-call\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4448920-palantir-seven-interesting-things-from-q2-2021-earnings-call","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196882604","content_text":"Summary\n\nFirst, I briefly review the big news and highlights from PLTR's Q2 2021 business update.\nSecond, I cover some of the details that are less well-known, including comments made by leadership on the earnings call.\nThird, dive into some important details about Alex Karp's compensation, including his insider selling activity; leadership had a response prepared.\nLastly, I visit several metrics on my radar, including stock-based compensation, contribution margin, and deal value.\n\nzirconicusso/iStock via Getty Images\nIt's likely that you've already heard the news that Palantir (PLTR) just reported astrong Q2 2021. I'm certain there will be plenty of coverage of the empirical results, including the tremendous growth and increased cash flow outlook.\nHere, I'll just highlight those numbers then I'll turn to a few things that came up directly on the earnings call that surprised me.\nFirst, revenue was up 49%, beating the estimates. it's notable that commercial revenue was up an eye-popping 90%, because it's an area that bears have complained about. This mostly squashes the idea that PLTR is only driven by secret government contracts.\nSecond, PLTR closed a ton of deals in Q2. Specifically, they scored 62 deals worth $1 million or more. I like this view:\nSource:Palantir Q2 2021 Business Update\nOf course, the YoY remaining deal value is interesting but I like the blunt look into the deal size, with 30 deals over $5 million and 21 deals over $10 million, because it indicates an ever-spreading reach of customers. That's exactly what's required to drive long-term revenue growth, but also stability.\nThird, it's looking like Q3 is going to work out fairly well. Sales are projected to be about $5 million great than consensus. And, as I've already mentioned, PLTR raised its free cash flow outlook. To be clear, the jump is rather big, going from greater than $150 million to now greater than $300 million.\nI didn't see or hear much about changes in annual revenue growth, but one thing is crystal clear -I do not expect growth to slow down. And, per the presentation and earnings call, growth is expected at 30% or more this year, and then through 2025.\nInterestingly, revenue grew by 49% in Q1 YoY, generating $341 between government and commercial. And now, in Q2, revenue grew by 49% YoY to $376 million. That's two quarters in a row at 49%. It's for this reason that I stick by what I previously wrote about PLTR sandbagging:\n\n In other words, when we start with $800 million for 2021, it's pretty obvious that the 30% growth doesn't cut it. We cannot reach $4 billion by 2025 with \"only\" 30% growth. PLTR is perhapss andbagging to keep expectations lower. It's hard to know for sure. It could also be that they expect faster growth in 2022 through 2025.\n\nI'll have to dive in deeper in a future article to see exactly how current and future growth projections line up against the hard numbers that have come in. For now, my point is simply that they've set the bar at a reasonable albeit conservative level and seeing beats like this is not too shocking, but also encouraging.They're managing Wall Street and the analysts fairly well.\nFourth, in addition to new customer acquisition, the revenue dollar value for PLTR's top 20 customers continues to march upward.\nSource: Palantir Q2 2021 Business Update\nIf it's not completely obvious, this is worth watching since it gives us some confidence thatcustomers are happy and they are sticking. It's not a perfect indicator, but it's still pretty good since unhappy customers aren't going to keep paying PLTR, over and over. Other companies have a tendency to either focus too much on milking current \"cash cow\" customers or getting hyper aggressive about new customers. In the Q2 2021 update, we're seeing a great flow of new customers and then this indicator of growing long-term customer value. It's a delicate but critical balance. I'll continue to watch this in Q3.\nFifth,in Q1, we heard about \"Day Zero\" customers. Here's a taste:\n\n We are seeing opportunities for companies to build their digital infrastructure around foundry from day zero, where they can shave years off their ramps and mountains of risk off their roadmaps by cost efficiently standing on the shoulders of 15 years and more than $2 billion of R&D. And we see this as the first salvo in expanding distribution of foundry to broader markets and a broader set of customers.\n\nIn Q2, PLTR leadership continued to push this theme, highlighting Roivant, Celularity and Wejo, for example. The idea is to get these companies using Foundry while they are just getting started, or otherwise very small. They're treating Foundry as the \"operating system\" of these businesses.\nSupporting this thrust,PLTR added another 60 sales hires. If I recall correctly, they hired about 50 sales people in Q1, so they are steadily adding headcount in sales and marketing, without going gangbusters. That said, their pipeline is accelerating, with active commercial pilots up 26% since the end of April.\nSixth, I heard leadership quickly say that they have paid off what they owed, and thatPLTR is now debt free. In a future article, I'll have to do a deeper dive, but I wanted to report it here since I have an affinity for extremely strong balance sheets. It's possible I didn't understand the comment on the call, but I'm pretty sure that I've got it right. I reviewed the Q2 2021 business presentation but didn't see any notes on this so I'll have to revisit this at a later point. But again, I think I've got it right, and it's great news.\nLastly, there was a question about Alex Karp's executive compensation, and specifically about the relentless insider selling. Before I get to that, here's some quick background reported by CNBC back in April 2021:\n\n Palantir CEO Alex Karp earned compensation worth about $1.1 billion in 2020, primarily through equity awards granted shortly before his software company went public.In a proxy filing on Thursday, Palantir said the bulk of Karp’s pay was tied to options worth $797.9 million, with another $296.4 million for stock awards. The outsized package is the result of an equity incentive plan agreed upon last year, giving Karp 141 million options that begin vesting in August 2021. Each quarter, 2.5 percent of the equity will vest.\n\nNow, here's just a quick peek about what that selling looks like:\nSource:Nasdaq\nObviously, the action here is pretty intense and it's why it was brought up for consideration. Now, for the sake of simplicity, I'm going to paraphrase the scripted response that was read out loud. In short, Alex Karp has a huge number of options. These options are \"old\" and apparently must be exercised now; I believe before the end of 2021. Furthermore, the selling is automatic, which seems to line up pretty well with the data I've captured above. In other words,Karp's selling isn't because he's lost faith in the company.\nKarp's salary is just over $1 million, which isn't too bad, but it's also not crazy. Clearly, PLTR stock and options are fueling his incredible compensation package. This is a bit frustrating to track, however, when the options vest, get exercised and then sold there are also tremendous taxes to pay. So, in part, Karp is necessarily working through the process of exercising long-term options, while handling tax obligations on a rational schedule.\nAgain, all of this is to say two things. Karp's made a ton of money but at the same time, he hasn't given up on PLTR. His selling doesn't say anything substantial about PLTR's future, in my opinion. It's his own mind-boggling personal finance process, that's on display in public as the CEO of PLTR.\nSummarizing everything, PLTR had a strong quarter in Q3 2021 looks like it should be strong as well:\nSource: Palantir Q2 2021 Business Update\nAnd, very quickly,per my previous article:\n\n I'll be looking for a deceleration in stock-based compensation expenses. I'll be looking for strong growth in both government and commercial. I'll be looking at Q2 growth, given the high bar set with 49% growth in Q1 2021. I'll be looking at total remaining deal value, which was about $2.8 billion at the end of Q1 (and up 40% YoY). I am expecting contribution margin to remain high, and hopefully over 60% in Q2.\n\n\nStock based compensation increased. I'll have to review this more closely in a future article. It's still a major thorn in my side. Virtually every chart has this phrase in the footnotes:\"...excludes stock-based compensation and related employer payroll taxes.\"It's my #1 issue with PLTR.\nQ2 growth was excellent, as I've pointed out. Both government and commercial did well. And, long-term customers keep sticking and spending, more and more. I like what I'm seeing in terms of growth.\nDeal value increased 63% to $3.4 billion. So, they did very well in that department. That gives us a glimpse into future sales and related growth.\nLastly, contribution margin didn't hit my big goal of 60%, but it still improved strongly to 58% in Q2 2021 from 55% in Q2 2020.","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":500,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/897130890"}